This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

Welcome relief for pension funds


DOWNLOAD  

The Budget has extended the concession made available to account based superannuation pension recipients for another year.

In February 2009, a 50% reduction in the minimum pensions required to be paid from account-based pensions was announced. This reduction was to apply to the 2008-09 year only.

“So the extension of the 50% concession for a further year is a welcome move,” said Deloitte Superannuation Partner, John Randall.

“Pension funds are still suffering cash flow difficulties, particularly those that are self managed. This has eroded funds’ ability to pay minimum pensions without fire sales of investments even though there may have been some recent positive economic signs,” he said.

“This extension of the 50% reduction in the minimum pension requirements should give some breathing space to help retirement savings recover,” Randall said.

Last Updated: 

Contacts

Name:
Louise Denver
Company:
Deloitte
Job Title:
Director, Corporate Affairs & Communications
Phone:
Tel: + 61 2 9322 7615, +61 4 1488 9857
Email
ldenver@deloitte.com.au
Name:
John Randall
Company:
Deloitte Australia
Job Title:
Partner, Deloitte Private
Phone:
Tel: +61 2 9322 7550
Email
jrandall@deloitte.com.au

Share

 

 

Follow us



 

Talk to us